Swiss IT services provider ramping up headcount in India

Bengaluru: Leading Swiss IT services provider Temenos AG is ramping up headcount in India to expand its development centres in Chennai and Bengaluru, a senior company official said on Wednesday.

“We will hire 700 more techies over the next three years to take our headcount to 2,500 from 1,800 presently, making our India operations largest worldwide,” Temenos regional director S.P. Jayanthan told reporters here.

The Geneva-based software product major serves banks and financial institutions worldwide to transform their business and stay ahead of a changing marketplace. About 2,000 firms in the BFSI (banking, financial services and insurance) vertical, including 38 of the top 50 banks depend on Temenos to process daily transactions of over 500 million customers.

The fresh hiring will be across verticals to induct banking product specialists, architects and engineers as our development centres spearhead product innovation, including designing and supporting our banking plaltform T24, used by banks in 150 countries the world over.

By acquiring Multifonds in March for $262 million, the company added 400 techies with related domain expertise to service leading financial firms in India with its fund accounting and transfer agency software. With the acquisition of Financial Objects in 2008, the Chennai-based Indian subsidiary had set up its Bengaluru facility for product development work and providing core banking systems to financial institutions.

Observing that India was a key region for its growth strategy, company’s Chief Executive David Arnott said in a statement that world class talent, emerging infrastructure and global market requirements made the country a favourable market for growth and expansion.

“Our cumulative investment of $300 million since 1996 and long-term vision to further expand the Chennai and Bengaluru development centres testify our commitment to India operations,” Temenos Client Director Mike Davis said on the occasion.

Admitting that its competitors were BFSI product of Infosys, Oracle and TCS, Arnott said India was at the centre stage of its product development strategy.

“AI, as the research shows, is becoming core to business strategy, and is compelling business leaders to alter the way they hire, train and inspire teams, and the way they compete and foster innovation. Industry disruption from AI is no longer imminent, it is here,” Mohit Joshi, President, Infosys, said in a statement.

“The organisations that embrace AI with a clearly-defined strategy and use AI to amplify their workforce rather than replace it, will take the lead, and those that don’t will fall behind or find themselves irrelevant,” Joshi added.

Seventy three per cent respondents strongly agreed that their AI deployments have already transformed the way they do business, and 90 per cent C-level executives reported measurable benefits from AI within their organisation.

Organisations are taking steps to prepare employees and business leaders for the future of work, with 53 per cent respondents indicating that their organisation has increased training in the job functions most affected by AI deployments.

More than 1,000 business and IT leaders with decision-making power over AI solutions or purchases at big organisations across seven countries were included in the survey. IANS